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Determinants and Characteristics of Brazilian Private Equities Return

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Abstract:

Private equity is an economy segment that grows vigorously and provides alternative sources of financing for companies, especially in emerging countries. This article addresses the determinants and characteristics of Brazilian private equity funds - FIPs (acronym in portuguese for Fund of Investment in Shares). We use 1,112 PE funds registered at the Brazilian Securities and Exchange Commission (CVM), analyzed by three main variables: time of establishment equity size and exclusivity as possible determinants of funds’ performance. We also use GDP as a descriptive variable, which showed direct and positive high correlation with the sector performance, since it is closely linked to the country's economic system. The variable exclusivity does not influence the performance of the funds. The time of establishment variable presented negative statistical significance, which may be associated to the degradation of the Brazilian economy over the years. On the other hand, the fund size factor presented negative statistical significance. As lower as its profitability is, as high costs and high bureaucracy in bigger funds. The results are consistent with the researches conducted by Bessa and Funchal (2012), Romain and Van Pottelsberghe (2004), Jones (2007) and Grinblatt and Titman (1994).
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0 (1),

Author's Keywords:

Private Equity, Profitability, FIP, Influence Factors, Return on Investment
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Association:
Name: BALAS
URL:
http://http://www.balas.org/


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MLA Citation:

Coelho, Carlos., Contani, Eduardo. and Madkur, Federico. "Determinants and Characteristics of Brazilian Private Equities Return" Paper presented at the annual meeting of the BALAS, University of San Diego, San Diego, USA, Mar 21, 2018 <Not Available>. 2018-10-15 <http://citation.allacademic.com/meta/p1347415_index.html>

APA Citation:

Coelho, C. , Contani, E. and Madkur, F. N. , 2018-03-21 "Determinants and Characteristics of Brazilian Private Equities Return" Paper presented at the annual meeting of the BALAS, University of San Diego, San Diego, USA Online <APPLICATION/PDF>. 2018-10-15 from http://citation.allacademic.com/meta/p1347415_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: Private equity is an economy segment that grows vigorously and provides alternative sources of financing for companies, especially in emerging countries. This article addresses the determinants and characteristics of Brazilian private equity funds - FIPs (acronym in portuguese for Fund of Investment in Shares). We use 1,112 PE funds registered at the Brazilian Securities and Exchange Commission (CVM), analyzed by three main variables: time of establishment equity size and exclusivity as possible determinants of funds’ performance. We also use GDP as a descriptive variable, which showed direct and positive high correlation with the sector performance, since it is closely linked to the country's economic system. The variable exclusivity does not influence the performance of the funds. The time of establishment variable presented negative statistical significance, which may be associated to the degradation of the Brazilian economy over the years. On the other hand, the fund size factor presented negative statistical significance. As lower as its profitability is, as high costs and high bureaucracy in bigger funds. The results are consistent with the researches conducted by Bessa and Funchal (2012), Romain and Van Pottelsberghe (2004), Jones (2007) and Grinblatt and Titman (1994).


 
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